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Overheard: Blame It on the Weather

The surprise contraction in revolving credit for August is discomforting because there isn’t such a ready-made explanation, like bad weather, as was the case last winter. John Carney joins MoneyBeat. Photo: Getty.

Updated Oct. 8, 2014 11:06 a.m. ET

While blaming poor corporate earnings or bad economic data on harsh weather can seem like an easy excuse, there is comfort in having some reason for a sudden shift.

That was the case with last February’s dip in revolving consumer credit. Unusually harsh winter weather in much of the country likely kept consumers out of retail outlets, which meant less of the credit-card purchases that make up the bulk of what the Federal Reserve calls revolving consumer credit. The surprise contraction in revolving credit for August is...